Business Context and Reporting Period
This Form 8-K is a current report filed by ReWalk Robotics Ltd. (trading symbol: RWLK) on October 10, 2022. The registrant is an emerging growth company incorporated in Israel, with its principal executive offices located in Yokneam Ilit, Israel. The report addresses a specific regulatory event regarding the company's listing status on The Nasdaq Capital Market.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on the company's compliance with Nasdaq listing rules regarding share price.
Material Changes and Events
On October 10, 2022, ReWalk Robotics Ltd. received a notification letter from Nasdaq indicating a failure to satisfy the minimum bid price requirement under Listing Rule 5550(a). The deficiency occurred because the company's closing bid price remained below $1.00 per share for 30 consecutive business days ending on the report date. This notice is a formal notification of deficiency and does not constitute an immediate delisting or suspension of trading.
Outlook, Risks, and Management Commentary
ReWalk has been granted an initial 180-day compliance period, extending until April 10, 2023, to regain compliance. To satisfy the requirement, the company must maintain a closing bid price of at least $1.00 per share for 10 consecutive business days within this window. The company may be eligible for a second 180-day extension if, by April 10, 2023, it maintains a market value of publicly held shares of at least $1 million and meets all other initial listing standards. Management intends to monitor the share price and consider plans to regain compliance but explicitly states there is no assurance that compliance will be achieved. Failure to comply could result in delisting, though the company retains the right to appeal such a determination to a Nasdaq Hearings Panel.
Investor Verification Checklist
- Verify the current closing bid price of RWLK shares to assess proximity to the $1.00 threshold.
- Monitor the company's stock price performance over the next 10 consecutive business days to determine if the initial cure period is met.
- Review the company's market value of publicly held shares to evaluate eligibility for a potential second compliance period.
- Check for any subsequent filings regarding stock splits or other corporate actions intended to address the bid price deficiency.
- Refer to the "Risk Factors" section of the company's 2021 Form 10-K for detailed consequences of potential delisting.